Rex Stores announces Q1 losses on ethanol plant financial derivatives

In Ohio, Rex Stores filed first quarter results with the SEC, and reported a $1.73 million loss for the quarter including losses of $60,000 on financial derivatives held by its ethanol subsidiaries Levelland Hockley County Ethanol and One Earth Energy.

Earlier this year, Rex Stores announced preliminary losses of $5 million for the first quarter of 2009, and restated its goal of exiting the retail business and focusing on its two ethanol investments in the Levelland Hockley County Ethanol and One Earth Energy plants. The company said that it had recorded $4.3 million of realized and unrealized pre-tax losses from interest rate derivative financial instruments held by its consolidated ethanol entities.

REX has a 10% ownership interest in the 92 Mgy Big River Resources ethanol plant in West Burlington, Iowa. The company has a 56% ownership interest in the 40 Mgy Levelland/Hockley County Ethanol plant, a 23% ownership interest in the 100 Mgy Patriot Renewable Fuels corn ethanol plant, and a  74% ownership interest in the 100 Mgy One Earth Energy corn ethanol plant  Gibson City, IL that was expected to complete construction by June 2009.

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